WG Petroleum LLC, a US-based multinational company, will invest $2.5 billion in Bangladesh's gas and refinery industries.

A memorandum of understanding (MoU) to this effect was signed between the WG Petroleum and Madina Gas Company of Bangladesh recently.

Under the deal, the firms will invest in gas projects in Sylhet and

refinery in Chittagong, said an official announcement yesterday.

A visiting delegation of the WG Petroleum, led by its President William Gast, disclosed the plan during a meeting with the industries minister at his office.

They discussed various aspects of the joint venture, country's overall investment situation and government supports for foreign investors.

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The minister, Matiur Rahman Nizami, said many big foreign entrepreneurs like Tata and Dhabi Group have shown interest in investing in Bangladesh considering the bright prospect of investment in the country.

“Bangladesh government is determined to protect the interests of the foreign entrepreneurs,” he told the American company executives.

William Gast said: “Due to the investment-friendly environment of the country, entrepreneurs from different countries, including the USA, have shown interest in making investment in Bangladesh.”

He appreciated education system, agriculture-development programmes, women empowerment and manpower of the country

The company president sought overall cooperation of the minister in their investment in gas and refinery sectors.

Technical Adviser of WG Petroleum in Bangladesh MI Bhuiyan, MA Jabbar Mollah and representative of Madina Gas Company Zillur Rahim were present.